Many would rather not contribute

May 29, 2008|Mel Paul, Boca Raton,, Mel Paul, Boca Raton

I was impressed with the writer who wants to stop Social Security benefits going to politicians, CEOs, wealthy widows, and people in the entertainment and sports industry. She says they do not need the check. She may be right.

These and many other people would rather not be involved in the Social Security program. If they had their choice, they would divert the same money to a private investment plan, one that would allow them the right to borrow or withdraw from the account if needed. When they die, they would name a beneficiary for the funds.

Lastly, the writer wants to take away a benefit from the very people who contribute the most into Social Security. At today's payroll tax rate, anyone earning at least $100,000 annually is depositing $15,000 into their Social Security account (including employers' share). That is the equivalent of $350,000 over 25 years or $450,000 over 30 years of earned income. Let's not forget the Medicare payroll tax that is paid without a limit on earnings.

The writer should be blessing the "high" earners for supporting the system while paying income tax on 85 percent of whatever their benefit is and having the most to lose when they die.